LESSON 21-1 Accrued Revenue

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Presentation transcript:

LESSON 21-1 Accrued Revenue 6/17/2018 LESSON 21-1 Accrued Revenue

ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME page 617 1 3 2 1. Debit Interest Receivable. 2. Credit Interest Income. 3. Record the adjusting entry. LESSON 21-1

POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME page 618 1 2 1. Post the debit. 2. Post the credit. LESSON 21-1

REVERSING ENTRY FOR ACCRUED INTEREST INCOME page 619 1 2 3 1. Write the heading. 2. Debit Interest Income. 3. Credit Interest Receivable. LESSON 21-1

COLLECTING A NOTE RECEIVABLE ISSUED IN A PREVIOUS FISCAL PERIOD page 620 January 30. Received cash for the maturity value of a 90-day, 6% note: principal, $2,000.00, plus interest, $30.00; total, $2,030.00. Receipt No. 9. 1 3 2 1. Credit for the principal of the note. 4 2. Credit for the total interest. 3. Debit for the maturity value. 4. Post the amounts in the General columns. LESSON 21-1

TERMS REVIEW accrued revenue intellectual property page 621 accrued revenue intellectual property accrued interest income reversing entry LESSON 21-1